Future of NYC Housing? Micro Units Draw Tens of Thousands of Applicants

Published: December 31, 2015 | By: American Luxury Staff

It’s well known that NYC isn’t exactly an affordable city, but one apartment building just received more than 60,000 applicants. All those interested tenants are fighting over apartments ranging just 265 to 360 square feet.

Carmel Place is a new development of 55 properties all categorized as “micro units.” Although smaller than some garages, these tiny apartments include features like tall ceilings and balconies.

This type of project isn’t revolutionary or new, but it is the first time such small units have returned to popularity in decades. Units feature a variety of multipurpose furnishings like expandable tables and updated versions of the murphy bed.

Other cities are joining the trend in an effort to provide more affordable housing, like San Francisco, which reduced minimum requirements for a pilot project to 290 square feet, making the units equipped for double occupancy.

7067 December 31, 2015 Real Estate December 31, 2015